ExxonMobil CEO to Retire
ExxonMobil Chairman and CEO Lee Raymond Announces Retirement; Board Expected to Elect ExxonMobil President Rex Tillerson to Succeed Raymond.
Mr. Lee R. Raymond, 66, chairman of the board and chief executive officer of Exxon Mobil Corporation (NYSE:XOM), has announced his intention to retire at the end of this year after more than 42 years of service, including over 21 years as a director.
It is anticipated the board of directors will elect ExxonMobil president Mr. Rex W. Tillerson, 53, as chairman of the board and chief executive officer to succeed Mr. Raymond.
ExxonMobil's leadership and succession planning are based on a long-standing system of management development that supports the core values of discipline, integrity, reliability, consistency of purpose and a commitment to technology. This change in leadership is consistent with the board of director's succession plan developed years in advance and further demonstrates the strength of the management development system.
Biographies for Mr. Raymond and Mr. Tillerson follow.
Lee R. Raymond is the chairman and chief executive officer of Exxon Mobil Corporation.
Prior to the merger of Exxon and Mobil on Nov. 30, 1999, Mr. Raymond was chairman and chief executive officer of Exxon Corporation.
A native of Watertown, S.D., Mr. Raymond graduated in 1960 from the University of Wisconsin with a bachelor's degree in chemical engineering. In 1963, he received a Ph.D. in the same discipline from the University of Minnesota. He joined Exxon that same year as a production research engineer in Tulsa, Okla. Over the next 16 years he held positions of increasing responsibility with Exxon Company USA; Creole Petroleum Corporation, which was Exxon's operating affiliate in Venezuela before those facilities were nationalized; the former Exxon International Company, which was responsible for Exxon's international supply and transportation of petroleum products and crude oil; and Lago Oil & Transport Company, Limited, the Exxon affiliate in Aruba.
He became president of Exxon Nuclear Company, Inc. in 1979 and moved to New York in 1981, when he was named executive vice president of Exxon Enterprises. In 1983, Mr. Raymond was named president and director of Esso Inter-America Inc., with responsibilities for Exxon's operations in the Caribbean, Central and South America. Mr. Raymond was named a senior vice president and was elected to the Board of Directors of the Corporation in 1984. He became president of the Corporation in 1987. In 1993, Mr. Raymond was named chairman and chief executive officer of Exxon Corporation.
Mr. Raymond is vice chairman of the Board of Trustees of the American Enterprise Institute and a director of the United Negro College Fund. He is a director of J.P. Morgan Chase & Co., chairman of its Compensation and Management Development Committee, and a member of its Corporate Governance and Nominating Committee. He is a director and a member of the Executive Committee and Policy Committee of the American Petroleum Institute. He is also a member of the National Advisory Council of the American Society for Engineering Education.
He is a trustee of the Wisconsin Alumni Research Foundation, a member of the Advisory Board of Project Shelter Pro-Am, and a member of the Board and an honorary trustee of the Business Council for International Understanding, Inc. He is also a member of the Innovations in Medicine Leadership Council of UT Southwestern Medical Center.
Mr. Raymond is chairman of the National Petroleum Council. He is a member of The Business Council; The Business Roundtable (he also serves as a member of the Roundtable's Policy Committee, its Security Task Force, Taxation Task Force and the Government Relations Working Group); the Dallas Committee on Foreign Relations; the American Council on Germany; the Council on Foreign Relations; the Emergency Council for American Trade; the Singapore-U.S. Business Council; the Secretary of Energy Advisory Board; the Executive Committee of the 21st Century Campaign of the American Institute of Chemical Engineers; the National Academy of Engineering; the President's Export Council; the Trilateral Commission; the Dallas Citizens Council; and the University of Wisconsin Foundation. He is partner emeritus of the New York City Partnership.
Rex W. Tillerson is president of Exxon Mobil Corporation.
A native of Wichita Falls, Texas, Mr. Tillerson earned a Bachelor of Science in Civil Engineering at the University of Texas at Austin prior to joining Exxon Company, U.S.A. (EUSA) in 1975 as a Production Engineer. He held several engineering, technical and supervisory assignments in the EUSA Production Department throughout Texas, and in 1987 he was named business development manager in the EUSA Natural Gas Department where his responsibilities included developing long-range plans for the commercialization of Alaska and Canadian Beaufort Sea gas.
In 1989, he became general manager of EUSA's Central Production Division, responsible for oil and gas production operations throughout a large portion of Texas, Oklahoma, Arkansas and Kansas.
Mr. Tillerson moved to Dallas in 1992 as production advisor to Exxon Corporation and then to Florham Park, N.J., as coordinator of Affiliate Gas Sales in Exxon Co., International.
Three years later he was named President of Exxon Yemen, Inc and Esso Exploration and Production Khorat Inc., and in January 1998, vice president of Exxon Ventures (CIS) Inc. and president of Exxon Neftegas Limited. In those roles, he was responsible for Exxon's holdings in Russia and the Caspian Sea as well as the Sakhalin 1 Consortium operation offshore Sakhalin Island, Russia.
In December 1999, he became executive vice president of ExxonMobil Development Company in Houston.
Mr. Tillerson was named senior vice president of Exxon Mobil Corporation in August 2001, and was elected president of Exxon Mobil Corporation and member of the Board of Directors on March 1, 2004.
Mr. Tillerson is a member of the Board of Directors of the US-Russia Business
Council and the American Petroleum Institute. He is also a member of the Board
of Trustees for the Center for Strategic & International Studies; the
Engineering Foundations Advisory Council for the University of Texas at Austin;
the Society of Petroleum Engineers; and the National Executive Board, Boy Scouts
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